Gold prices rose at the settlement of trading yesterday, Tuesday, with an increase in demand for safe haven assets after the escalation of tensions in the Middle East, and markets evaluated statements from Federal policy makers that indicated the possibility of stabilizing interest rates.
The “Fed Watch” tool showed that the probability of increasing interest rates by 25 basis points at the US Central Bank meeting in November decreased to 11.7%, compared to 28.2% a week ago, compared to 88.3% of investors’ likelihood that the Federal Reserve will not change its monetary policy.
The IMF expects global economic growth to slow from 3.5% last year to 3% this year, without change from its previous forecast, then reaching 2.9% in 2024, a decrease of 0.1% from its previous estimate issued in July.
Markets are awaiting the release of the minutes of the Federal Reserve's monetary policy meeting during September, scheduled to be published today, Wednesday, before the US Consumer Price Index data, scheduled to be released Thursday.
Upon settlement, gold futures for December delivery rose by 0.6%, or $11, to reach $1,875.3 per ounce, the highest settlement since September 28.
